The Genesis upgrade is predicted to boost the use of Bitcoin in late February, as network-wide limits get removed from network propagation rules and scripting language.
The Bitcoin SV network got the Genesis upgrade today. But why is it so important for BSV?
This upgrade includes a set of restoration changes of the protocol that represent the full return of the original BTC protocol that is documented in the original white paper way back in August 2009.
The upgrade is set to restore the original idea behind the Bitcoin protocol- keeping it stable and letting it scale to its full potential within every single block. By removing the limits on a block, Bitcoin SV Blockchain will be able to support high transaction volumes and transaction fees for the miners, as well.
Fees are believed to change from now on, as for two parties without trust, the fee will remain 1 satoshi until after the Genesis hard fork.
According to the Bitcoin Association, Bitcoin SV is the original Bitcoin without a doubt.
The Blockchain service provider TAAL predicts that after today, there will be a significant change to the default fee to 0.5 satoshis and a change for the relay fee to 0.25 satoshis.
All of these transaction changes make the Bitcoin SV Blockchain easier and cheaper to use for storing data and transactions on a ledger.
The Genesis upgrade is predicted to boost the using of Bitcoin in late February, as network-wide limits get removed from network propagation rules and scripting language.
In several years, there has been some talk on removing limits around the “halving event” in May this year. This will lead to the miners’ reward being cut from 12.5 BTC to 6.25 which makes BTC highly unprofitable and could potentially cut down the changes of BTC being desired for mining or implementation.
How can big organizations profit?
It is believed that big organizations will begin Bitcoin integration into their business plans, once the upgrade has proved its scalability.
It is highly believed that many enterprises want Bitcoin implementation but the transaction fees and constantly changing protocol has discouraged them from even trying.
They are in their right to want a stable protocol and a fee structure that they can trust for building applications on top of the blockchain. The unstable base of protocols leads to many headaches around the core development process.
For such companies that need just a little pat on the back plus BSV crypto and blockchain education on their hands, the CoinGeek Conference will take place on the 20-21 February in London and it will give the spotlight to BSV entirely. Leaders, enthusiasts, and speakers will join to talk about BSV opportunities and updates. Such events can become one of the answers for the large worldwide implementation that can take place really soon.
The Genesis upgrade can bring massive change and completely transform how people view Bitcoin, and this is what the BSV vision holds for 2020.